Like having to "collect" rents.

Also, was able to collect some rent while holding the property which was an added bonus.

Also, was able to collect some rent while holding the property which was an added bonus.

  :)To all;  a help with your buy and hold business model is captured in a paper I wrote and linked off my BP profile 1st paragraph;  how to buy a bullet proof portfolio.. 

I see it as remodeling your homestead prior to selling which does not require you to treat it as an investment unless you actually then rented it out, collected rent and depreciated on taxes.  

There's absolutely no way I would pay a significant fee that was not contingent on performance of my due diligence.What would stop an unscrupulous seller with a property having a known major defect from dangling that stinker out in the market, attracting some unsuspecting and hapless would-be buyer, and then collecting easy, non-refundable money from them?

Personal property stays in yr name + LLC1 holds the real estate and LLC2 collects the rents on behalf of you and LLC1.

For the residential tenants I had it all set up in Cozy for listings, rent collection and etc.

This usually comes off the top of the loan so in your example if they charged on the low end of 3% they would have collected $6,000 at closing taken out of your total loan amount so you would have a $200k loan but only received $194,000.

@Kimberly Lima  Unlicensed wholesaling, as it's commonly described (get a property under contract that you have no intention of actually buying, find an end buyer willing to pay more, assign the contract and collect a fee) is illegal in Massachusetts - and most other states.